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DUE PROCESS VOL.12 ISSUE 67 • WEDNESDAY, JUNE 12, 2019
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Action against Kapa began in 2017, says SEC Commissioner
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By NEILWIN JOSEPH BRAVO
A
n of�icial of the Securities and Exchange Commission (SEC) bared on Tuesday that they commenced legal action against Kapa Community Ministry International as early as 2017.
SEC Commissioner Javey Paul Francisco told Edge Davao in an exclusive interview that the action against Kapa started way back two years ago and was not spurred by the interview made by Pastor Apollo Quiboloy with President Rodrigo Duterte who publicly made the order to shut down Kapa and other like investment scams proliferating predominantly in Southern Mindanao. “As far as SEC is concerned, in the case of Kapa, we issued an Advisory against Kapa (then spelled Kappa) as early as 2017 and another one last year warning the public against investing with this un-licensed investment-taker. We likewise issued a CDO and later a revocation order. Many did not heed our warnings. Thus, we had to shut them down to enforce the law and protect the investing public from further damage arising out of this illegal scheme,” Francisco said. SEC issued an advisory against Kapa on March 8, 2017, saying the group was not authorized to solicit investments after
it allegedly started collecting investments from the public with a promise of 30 percent interest each month “until forever.” In October 2018, the SEC issued another warning against Kapa for similar activities. In February this year, the SEC issued a cease and desist order against Kapa. Several raids have been conducted on Kapa of�ices across the country. Francisco clari�ied that based on SEC records, Kapa Community Ministry International is legally inexistent since April as their permit has been revoked. “We revoked their registration last April pa,” SEC Commissioner Javey Paul Francisco told Edge Davao in an interview on Tuesday, a day after the agency announced it is on the process of preparing the criminal complaints against of�icials of the said group over the alleged multi-billion investment scam masked as religious donation. Kapa did not have the appropriate secondary license for investment products, but still solicited what it called “donations” promising returns as high as
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